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Daily Oil Price 25 Feb 2010

Crude Oil Chart 25 Feb 2010

Daily oil prices continued to pause yesterday just below the 80 per barrel price point, ending the trading session with a relatively wide spread up candle and with a wick to the lower body.  Yesterday’s low found good support from the 9 day moving average, which has now crossed above the 40 day suggesting that the bullish sentiment for oil remains firmly in place.  The high of yesterday closed well above the deep support region which now provides an excellent platform for a sustained move higher in due course.  With both yesterday’s candle and Tuesday’s candle testing the support region below, which has so far held firm, this again adds to the positive tone.  Once we see a break and hold above the $80.50 price handle this should signal a sharper move higher to test $82.50 in the short term and on towards $85 in the medium term.  Meanwhile the WTI contract closed the oil trading session at $80.34 having traded between a high $80.45 and low of $78.25.  Brent closed at $78.50 having traded between a high of $78.50 and low of $76.63.

Daily oil prices have also continued to remain buoyant despite bearish fundamentals.  Yesterday’s crude oil data revealed that the stockpile at Cushing had increased by 3m barrels, against analyst forecast of a 2m increase; gasoline fell by 900k barrels against analyst forecast of 500k barrel increase & distillates also fell by 600k barrels, against forecast of a fall of 1.6m barrels.  The API data released on Tuesday also showed a build of 3.14m barrels.
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